Livestock insurance scheme in the works

On the lines of Pradhan Mantri Fasal Bima Yojana (PMFBY), farmers will have to pay low premium for the insurance scheme

GN Bureau | August 17, 2016


#insurance scheme   #PMFBY   #livestock   #farmers  
Livestock insurance scheme in the works

The government is mulling an insurance scheme for livestock in which farmers’ share of premium would also be in the range of one to two percent per annum per animal, while the centre and the state government will bear the rest, reported Business Standard.

The scheme was discussed at a high-level meeting that was attended by officials from insurance companies, among others. The new insurance scheme would provide protection to growers in case of livestock lost due to drought, floods, cyclones or any other natural calamities, including epidemics.

“Preliminary discussions have started on having a comprehensive insurance scheme to cover losses to livestock during calamities as well on the lines of the Pradhan Mantri Fasal Bima Yojana (PMFBY),” a senior official was quoted as saying.

PMFBY is an ambitious pro-farmer measure of the Narendra Modi government. The maximum premium which the farmer has to pay under the scheme is a flat 1.5 percent of sum insured for all kharif crops and two percent for rabi crops.

According to the 19th livestock census, the total livestock population consisting of cattle, buffalo, sheep, goat, pig, horses and ponies, mules, donkeys, camels, mithun and yak in the country was 512.05 million in 2012.

The livestock population has increased substantially in Gujarat (15.36 percent), Uttar Pradesh (14.01 percent), Assam (10.77 percent), Punjab (9.57 percent), Bihar (8.56 percent), Sikkim (7.96 percent), Meghalaya (7.41 percent) and Chhattisgarh (4.34 percent).
 
 

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